ALREADY DEBT-STRAPPED BRITS ARE BORROWING MORE

Lending to individuals in the UK is estimated to have risen by £200m during September over August. Some may see this as improved credit liquidity and therefore good news. I don’t.

People go on holiday in July/August and spend money they don’t have. On returning, they seek credit to max out the already maxed….because in the age of can-kicking, that is the only alternative between them and insolvency.

Some simple facts about personal debt in Britain:

  • Citizens Advice said people aged 17 to 24 asked for help on 102,296 debt issues in the last year, a 21% rise on the previous year.
  • The average household credit card debt is £2,293. Think about that for a minute…in the context of 23m households in the UK
  • Since 2013, there has been a striking increase in unsecured lending. This covers pretty well everything except mortgages: borrowing on credit cards, store cards; financing for cars; and, increasingly, payday loans. The Bank of England says this unsecured lending is now rising at the fastest rate in ten years.

The only thing keeping the neoliberal monopolism show on the road is lax money – allowing corporations to stick it on the bottom line, and consumers to stick spending on the credit card.

But the idiotic cynicism of such denialist economics is allowing a simplistic Left wing road show to gather both speed and followers: by selling gullible sufferers the idea that it is capitalism as an economic system per se cooking up this inevitable Day of Reckoning…and thus capitalism as an idea must be root and branch destroyed.

But that is Leftist opportunism trying to suggest that the crap going down today is capitalism.

The transformation of formerly Centre-Right politics into Rabid Rightism is turning more and more people on the Centre-Left towards Looney Leftism. The extreme ideology of Globalist Corporatocracy is driving the dispossessed towards the fascism of Stalinist Autocracy.

It is a surreal irony…but no less true for all that. In the context of stereophonic ideological politics, the common sense policy aimed at improving life for the common People doesn’t stand a chance.

Earlier at The Slog: Is Santander built on sand?